Panama City, FL - Discount Tire

Description:

• The tenant, Discount Tire, has 7+ years remaining on their lease with 6 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 7.50% rental increases every 5 years, generating NOI and hedging against inflation
• Discount Tire is America’s largest independent tire and wheel retailer, with 25,000 employees, over 1,200 stores in 39 states, and annual revenue of
$5.2 billion
• Tenant is paying below market rent at $12/SF

• The site is located at the signalized, hard corner intersection of E. 23rd St and Martin Luther King Jr Blvd averaging a combined 64,500 VPD
• Outparcel to Bay City Point, which ranks in the 96th percentile (1,659 out of 41,575) of all nationwide shopping centers via Placer.ai
• The Chick-fil-A next door ranks in the 95th percentile (104 out of 2,346) of all nationwide locations
• Bay City Point features strong retail synergy with other tenants such as Tommy’s Express Car Wash, Chick-fil-A, Starbucks, McDonald’s, Burlington, Hobby Lobby, and more
• This is a highly dense retail corridor, providing long-term viability in the underlying real estate

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Listing ID: a28TP000001rhFxYAI